Axis Max Life Insurance

FAQs on Axis Max Life Insurance:

• What are the different premium payment options available with Max Life Insurance policies?

  Max Life Insurance Company offers policyholders a variety of premium paying options: Online payments, phone payments, auto debit facilities, etc. Are various premium payment options available with Max Life Insurance Policies.

• Can I change the premium paying mode in my Max Life insurance policy?

  Yes, the premium paying mode can be changed, but only on policy anniversaries for active policies. There is a form that needs to be signed and submitted for the same.

• How do I change the nomination / nominee in my Max Life Insurance policy?

  In order to change the nominee details in your Max Life Insurance policy, you must fill out a policy amendment request form and submit it to your nearest Max Life branch office.

• What types of riders are available with Max Life Insurance Policies?

  There are four riders available under Max Life's product portfolio, which are: Personal accident benefit rider, accidental death rider, critical illness rider, and waiver of premium rider are available with Max Life Insurance Policies.

• Are there any situations in which claims can be denied by Max Life Insurance Co. Ltd.?

  Yes. In case the policyholder fails to disclose any of the material information at the proposal (or reinstatement) stage, the claim will not be honoured - as this information could have affected the policy in many ways, and could even have resulted in the policy not being issued or revived.

  Non-fulfilment of the terms of the contractual terms and conditions could also be the reason that claims are denied.

• Can a loan be taken under the Max Life Insurance policy?

  A. Yes, a loan can be taken out against your Max Life Insurance policy if the policy has acquired a Cash Surrender Value. The loan against the policy can be availed for up to 90% of this value, subject to a minimum availability of Rs.10,000. Loans can be taken after 3 policy years have been completed on active policies. Loans cannot be taken for policies in the grace period. There is no loan available for Max Life Term Plans and Life Marker Unit Linked Plan.

• What is OPPB and when can the option of exercising OPPB be utilized?

  OPPB refers to the Option to Participate in Progressive Bonuses. From time to time, payment of one-time premiums can enhance the insurance coverage. Although it is subject to underwriting guidelines, this option can be added to a Whole Life Par Plan at any time. If the OPPB plan is not opted for at least once every two years, it lapses.

• What documents are required in order to process a Maturity claim?

  The documents that are required to process a maturity claim are original policy paper, ID proof, Form M, cancelled cheque, or a copy of bank passbook.

• Does Max Life Insurance have any retirement plans?

  Yes, Max Life has retirement plans like Max Life Young Pension Plan, Max Life Guaranteed Lifetime Income Plan, and Max Life Perfect Partner Super.

• Can I cancel my Max Life Insurance policy?

  Customers who wish to cancel their policy must visit the nearest branch of Max Life Insurance Company Limited along with the original policy document and request for a surrender of policy. The officials will request you to fill in certain forms after which you will receive an estimate of the surrender value of the policy. If you accept the value, your policy will be terminated immediately and you will receive the money you invested after deductions have been made towards stamp duty fees and other charges.

• When will my Max Life insurance policy considered lapsed?

  In case you fail to make premium payments on time, you will have to ensure that due premiums have been paid within the grace period granted by the company. Failure to make premium payments within the grace period will mean that your policy has lapsed and no benefits will be paid out on maturity. However, customers can revive their lapsed policies to ensure that they are eligible for benefits. To revive a lapsed policy, all you have to do is pay your outstanding premiums in addition to the interest charge levied by the company and your policy will be active again. However, it is the company that holds the sole discretion of determining whether or not a life insurance policy can be revived based on the particular situation of a customer.

• Can I apply for a Max Life Insurance policy online?

  Yes, you can make the most of an internet connection and online payment systems to purchase an insurance policy from Max Life without stepping outside your house.

• How do I make premium payments towards my Max Life insurance policy?

  Premiums can be paid directly in cash to the company by visiting a branch of the insurer, or via the internet using debit and credit cards or net banking to transfer funds through the company's official website, or by a cheque that can be sent to the company's main office.